FX.co ★ Elliott wave analysis of EUR/JPY for February 18, 2022

EUR/JPY is ready to resume its underlying uptrend towards the 135.04 target and maybe even the extension target seen at 139.70. Short-term we need a break above minor resistance at 131.91 and more importantly a break above resistance at 133.15 to confirm that EUR/JPY is headed higher towards the 135.04 target.

That said, we also need to accept that a re-test of support near 129.80 could be seen as long as minor resistance at 131.91 is able to cap the upside.